Ripple, a company that uses blockchain to speed up digital payments, is opening a new regional headquarters at the Dubai International Financial Centre.
The US-based company said it chose the centre as its Middle East and North Africa base for its innovative regulations and reputation as a leading financial centre.
“Ripple is one of the most exciting client additions to DIFC this year. They are well-regarded globally for innovation in the finance industry and therefore is a perfect partner and client for DIFC,” said DIFC Authority chief executive Arif Amiri.
“Together, we will advance the use of blockchain in Dubai, UAE and the region, and accelerate the Emirates Blockchain Strategy 2021.”
Ripple is a FinTech company in San Francisco that created the world's third-most actively traded cryptocurrency, which originally shared the same name but has now been rebranded as XRP.
Ripple still holds billions of dollars of XRP tokens, which have appreciated in value by 38 per cent since the start of the year to $0.26412 on Saturday, according to the Bitstamp exchange, giving the cryptocurrency a market capitalisation of just over $12 billion.
The company, however, has increasingly focused on working with governments, banks and other organisations to try to replace some of the older systems that exist between networks of correspondent banks for cross-border payments with a simpler system based on blockchain.
In the Middle East, it has signed deals with the Saudi Arabian Monetary Authority, Saudi Arabia's central bank, allowing banks to use its technology, with UAE-based lender RAKBank and with currency exchange company UAE Exchange.
The Central Bank of the UAE unveiled new rules governing stored value facilities in an effort to boost the country's digital payment services last week.
The UAE's banking regulator said that through the new regulations, it aims to facilitate easier market access to FinTech companies and other non-bank payment providers while ensuring that customers' funds are safe.
MATCH INFO
Karnatake Tuskers 114-1 (10 ovs)
Charles 57, Amla 47
Bangla Tigers 117-5 (8.5 ovs)
Fletcher 40, Moores 28 no, Lamichhane 2-9
Bangla Tiger win by five wickets
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UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
MATCH INFO
Alaves 1 (Perez 65' pen)
Real Madrid 2 (Ramos 52', Carvajal 69')
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
